Hindustan Oil up 2% on new blocks

MUMBAI: Shares of Hindustan Oil Exploration climbed nearly 2 per cent after it was awarded two oil and gas blocks by the government.

The company has been awarded two blocks under NELP VII from the Ministry of Petroleum and Natural Gas, HOEC said in a statement to the exchanges.

Further, HOEC has commenced production from its Cambay Basin Block having an initial capacity of 100 barrels of oil per day. The company holds 35% participating interest in the Block, while ONGC holds the rest.

The company said that ONGC has recieved mining lease for the the said block, following which the company has started commercial production.

At 10:40 am, the stock eased some gains and was trading at Rs 59.80, up 1.61 per cent after touching a high of Rs 60.80.